by Swot Accoountants | Mar 6, 2020 | Business News, Tax & Compliance
Ridesharing services have taken Australia by storm, but not every contractor-driver has done their good tax planning. Don’t worry though, you can get organised and make sure you’re on top of your tax obligations. Did you know there are many tax benefits of being a...
by Swot Accoountants | Feb 28, 2020 | Business News, Penalties
Are you a company director or former director? Did you know that if a company does not meet its PAYG or Superannuation obligations, the ATO may hold the current or former directors personally liable for these liabilities? In addition, from 1 April 2020 this regime...
by Swot Accoountants | Feb 21, 2020 | Business News, Business Training
Did you know that up to 97% of Australian businesses fail? Here is why: Starting a business for money only Being in the wrong business for the wrong reasons Starting a business without doing any research Year 1 – 30% Year 2 – 50% Year 3 – 60% Year 5 – 75% Overall –...
by Swot Accoountants | Feb 14, 2020 | Tax & Compliance
Did you know that insurance payouts for damaged or destroyed personal items are not taxed? However, insurance payouts for businesses or income-producing assets may be subject to income tax. Curious about something specific?
by Swot Accoountants | Jan 28, 2020 | Business News, Tax & Compliance
If a private company attempts to make a tax-free distribution or other benefits (e.g. cash payment, a gift, a loan or writing off a debt) to a shareholder or an associate of a shareholder, the Australian Tax Office (ATO) can treat that distribution an assessable...
by Swot Accoountants | Dec 17, 2019 | Business News, Tax & Compliance
You may have to lodge a Taxable Payments Annual Report (TPAR) with the ATO by the 28 August each year, if you are a business providing certain services and you made payments to subcontractors, consultants or independent contractors. The contractors can be trading as...
by Swot Accoountants | Nov 13, 2019 | Business News, Fringe Benefit Tax (FBT), Tax & Compliance
In some circumstances if a business provides and pays for Christmas parties for their employees and their associates, it may attract FBT. There are some costs associated with Christmas parties for food and drinks that may be exempt from FBT. For example: Christmas...
by Swot Accoountants | Oct 20, 2019 | Capital Gains Tax (CGT), Tax & Compliance
If you sell a capital asset, like vacant land, property, shares or cryptocurrency, you make a capital gain or a capital loss. Capital gains and losses must be declared in your income tax return and tax must be paid on your capital gains. CGT is part of your overall...
by Swot Accoountants | Sep 30, 2019 | Tax & Compliance
There are many misconceptions about allowable tax deductions, that can lead unaware taxpayers to make incorrect claims, and get the attention of the “tax office”. Here are some common examples: Fiction: Everyone can claim automatically $150 for laundry and clothing,...
by Swot Accoountants | Aug 31, 2019 | Super, Tax & Compliance
If your combined income and super contribution exceed the Division 293 threshold, you pay additional tax on the super contribution which reduces the tax concession. The additional 15% tax is payable on either the amount of the super contribution or the amount that is...
